Energy Efficiency and Profitability in the Service Sector: A Comparative Study

Abstract

This paper focuses on the specific impact of energy efficiency on the profitability of the service sector, with particular emphasis on the trade industry. The study combines theoretical and methodological insights with a comparative analysis using original empirical data from the European Union and Serbia. To provide a comprehensive analysis, data from surveys conducted in the United States, Canada, and Russia are also incorporated. The results of the empirical research indicate that energy efficiency in Serbia's service sector is significantly lower than in the European Union and other developed market economies. This disparity highlights the urgent need for targeted measures to enhance energy efficiency within Serbia's service sector. The paper proposes several key strategies to address this issue, including the adoption of modern energy technologies, increasing the share of renewable energy in total final energy consumption, and reducing energy consumption across the entire supply chain. Additionally, the paper emphasizes the importance of reducing carbon dioxide emissions associated with energy consumption, constructing energy-efficient office buildings and retail facilities, and improving the energy efficiency of existing structures. By implementing these measures, the paper argues that Serbia can significantly improve the profitability of its service sector. Enhanced energy efficiency not only reduces operational costs but also aligns with global sustainability goals, offering long-term economic and environmental benefits. The findings suggest that adopting a more energy-efficient approach in the service sector is essential for Serbia to remain competitive and to promote sustainable economic growth. This paper underscores the critical importance of energy efficiency as a driver of profitability in the service sector, particularly in countries like Serbia where current levels of efficiency lag behind those of more developed economies. The proposed measures provide a roadmap for achieving these improvements, ultimately contributing to a more sustainable and profitable service sector.